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- In January, the average monthly rental price for a Manhattan studio was $2,373. For one-bedroom homes, the average was $3,201. For two-bedrooms, the average rent was $3,970. Finally, the average three-bedroom apartment rented for $5,400.
- Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,262 per month on average, 5% less than Manhattan. For Brooklyn one-bedrooms, the average rent was $2,739 (14% less than Manhattan), while rents for two- and three-bedrooms clocked in at $3,568 and $4,802 respectively (10% and 11% less than across the river).
- In January, the Manhattan vacancy rate fell to 1.91% – from December’s rate of 2.09%. This is the first time since September that the borough’s vacancy rate has landed below 2%. We attribute this increase in demand for housing in part to pent-up holiday season demand, as well as the continued effectiveness of slight rent adjustments and generous move-in incentives.
- When examining concessions, 43% of rental transactions brokered by Citi Habitats offered a free month’s rent and/or payment of the broker fee to entice new tenants in January – up from 41% in December. These incentives remain remarkably high – and while they are most common on high-end luxury product, they can be found on both new construction units and re-rentals alike.
“The city’s rental market is stuck in neutral.” explained Gary Malin, President of Citi Habitats. “Month-to-month, we will see a little movement up or down, put pricing has stayed within the same bandwidth. We found that overall, rents fell slightly from December – and any drop in pricing is a positive sign for tenants. Meanwhile, concessions remained prevalent, especially for homes at the higher end of the price spectrum. It’s a great time to be in the market for a luxury rental – choices and opportunities abound.”
Posted In: New York City Market Reports, New York City Neighborhood News
Tagged: Central Park West Apartment, manhattan apartment, manhattan co-op, Manhattan condo, manhattan coop, Manhattan Real estate, manhattan real estate agent, manhattan real estate broker, New York city apartment, New York City Real estate, new york city real estate agent, upper west side apartment
Tagged: Central Park West Apartment, manhattan apartment, manhattan co-op, Manhattan condo, manhattan coop, Manhattan Real estate, manhattan real estate agent, manhattan real estate broker, New York city apartment, New York City Real estate, new york city real estate agent, upper west side apartment
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